Koh Brothers Group has reported higher revenue of $196.6 million for 1HFY2023, as it booked more sales from its property development activities.

However, the company, which started in construction, suffered from higher costs in labour and materials. It also did not benefit from one-off disposal gains recognised in the year earlier period.

As such, the company has reported a loss of $16 million for 1HFY2023, versus earnings of $5 million for the year earlier.

As at June 30, the company's net asset value per share was 65.84 cents, vs 70.04 cents as at Dec 31 2022.

“We are focusing on recovering the cost of performing the variation orders from customers while also closely monitor the progress and cost for our projects,” says managing director and group CEO Francis Koh.

Going forward, Koh Brothers expects the construction divisision, which has an order book of $650.7 million, and the real estate division, to both remain challenging, no thanks to an increasingly competitive environment, high interest rates, energy, material, manpower, operating and development costs.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/results/lhn-group-reports-strong-occupancy-rates-key-projects-3qfy2023-sees-steady-growth-rest?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>LHN Group reports strong occupancy rates for key projects in 3QFY2023; sees steady growth for rest of 2HFY2023</a>

In its separate announcement, Koh Brothers Eco Engineering, a separately-listed subsidiary of Koh Brothers Group, has similarly reported a loss as well.

For its 1HFY2023, Koh Brothers Eco reported a loss of $9.6 million, vs earnings of $1.2 million in the year earlier period.

Revenue was down 12% y-o-y to $90.1 million from lower revenue recognition from its on-going construction projects, most of which were near completion.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/news/results/southern-alliance-mining-guides-net-loss-fy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Southern Alliance Mining guides for net loss in FY2023</a>

Koh Brothers closed at 14 cents on Aug 4, unchanged for the day, and up 3.57% year to date.

Koh Brothers Eco closed at 2.9 cents on Aug 4, unchanged for the day and down 27.5% year to date.

Koh Brothers reports $16 million loss for 1HFY2023

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Fed signals higher-for-longer rates with hikes almost finished

EQT Impact Challenge offers platform for impact entrepreneurs to attain 'patient capital'

Singtel to sell 20% stake in regional data centre business valued at $5.5 bil

Koh Brothers reports $16 million loss for 1HFY2023

Related News

Highlights

DPM Lawrence Wong appointed as GIC’s deputy chairman

Related News

Alpina Holdings' bid to acquire workers' dorm falls through

Newly-listed Ever Glory reports earnings surge, interim dividend, and bonus share issue

BRC Asia reports earnings of $22.6 million for 3QFY2023